\u3000\u3 China Vanke Co.Ltd(000002) 281 Accelink Technologies Co.Ltd(002281) )
Event: on April 14, the company disclosed the annual report of 2021. In 2021, the company achieved an operating revenue of 6.486 billion yuan, a year-on-year increase of 7.28%; The net profit attributable to the parent company was 567 million yuan, a year-on-year increase of 16.39%; The net profit attributable to the parent company after deduction was 470 million yuan, a year-on-year increase of 3.44%.
Q4 performance growth is in line with expectations and the overall operation is stable. In the fourth quarter, the company realized an operating revenue of 1.756 billion yuan, an increase of 10.23% month on month, and the net profit attributable to the parent company was 93 million yuan, an increase of 0.19% month on month. Benefiting from the joint drive of telecom business and data center markets, the transmission business grew steadily. The operating revenue of transmission products increased by 12.07% year-on-year to 3.848 billion yuan, and the operating revenue of access and data products increased by 5.19% year-on-year to 2.602 billion yuan. The performance growth was in line with the expected period. The gross profit margin of transmission products increased by 0.5pct year-on-year to 28.33%, and that of access and data products increased by 0.54pct year-on-year to 17.54%. In 2021, the transmission module rate is in the state of iteration from 100g to 200g, 400g and higher rates, and the coherent technology continues to penetrate from long-distance applications to 80km and shorter distances in the metropolitan area, occupying a greater share of the transmission module market. The data center market is also in the same state. The 100g rate is gradually upgraded to 200g and 400g, and the demand for high-speed products is growing rapidly.
Optical communication technology continues to iterate and constantly stimulate the demand of the industry. Policies such as digital economy, dual Gigabit and East West computing are expected to promote the vigorous development of optical communication industry. By June 2022, the number of FTTH / O12 users had reached 480 million, accounting for 94.1% of the total number of fixed Internet broadband access users, an increase of 0.2 percentage points over December 2020. Different subdivided fields are facing the iteration and upgrading of new technologies, and the speed of data communication optical modules applied in large data centers continues to increase; In terms of optical transmission network, coherent technology continues to penetrate from long-distance applications to 80 km and shorter distances in metropolitan areas. In 2021, the company has made good progress in 5g forward transmission, 10gpon, 100g / 200g / 400g data communication modules, UWB optical amplifiers, new intelligent devices, coherent devices and modules, which is in line with the development trend of the industry.
The product structure was upgraded by raising fixed growth, and the production capacity was steadily expanded. The company raised 2.164 billion yuan through private placement, of which 1.285 billion yuan was used for the production and construction of high-end optical communication devices. After the production and construction project of high-end optical communication devices is put into operation, an annual output of 6.1 million 5g / F5G optical devices, 133500 coherent devices, modules and advanced white boxes, and 700000 digital communication modules will be formed, which are mainly used in the fields of telecom market, data center and so on. The project is expected to be completed in 2.5 years. Another 880 million yuan is used for the construction project of high-end optoelectronic device R & D center, which is expected to be completed in three years. It is planned to build 6240 square meters of R & D office space, 27800 square meters of R & D laboratory and 10000 square meters of reserved area. 180 R & D technicians will be deployed from the headquarters and 600 R & D technicians will be introduced to build China’s advanced R & D center matching the development of the company. After being put into operation, a comprehensive R & D platform will be built, and the R & D center will focus on solving the needs of 5g, data communication cutting-edge core optoelectronic products.
Investment suggestion: we estimate that the company’s operating income in 2022 / 23 / 24 will be 7.162/78.06/8.393 billion yuan, and the net profit attributable to the parent company will be 6.27/6.87/739 billion yuan. Combined with the valuation of comparable companies and the growth of the company, we give the company 20 times PE in 2022, give the company a 6-month target price of 18 yuan, and maintain the “Buy-A” investment rating.
Risk tip: there is a shortage of optical device supply chain, the industry demand is less than expected, and the risk of rising transportation costs and product prices
